You can now read 5 articles in a month for free on Read as much as you want anywhere and anytime for just 99¢.


Ponzi scheme fraud sentenced to prison

Continue reading below

A Milton man was sentenced to 17 years in federal prison for orchestrating a Ponzi scheme through his securities company and for defrauding customers of millions of dollars, according to a statement from US Attorney Carmen M. Ortiz. Arnett L. Waters, 63, pleaded guilty to two counts of criminal contempt on Oct. 2, 2012. On Nov. 29, he also pleaded guilty to seven counts of securities fraud, six counts of mail fraud, two counts of money laundering, and one count of obstruction of justice, according to the statement. US District Judge Denise J. Casper sentenced Waters to the 17 years in prison, plus three years of supervised release and $9 million in restitution.

Loading comments...
Want each day's news headlines delivered fresh to your
inbox every morning? Just connect with us
in one of the following ways:
Please enter a valid email will never post anything without asking.
Privacy Policy
Subscriber Log In

You have reached the limit of 5 free articles in a month

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week
Marketing image of
Marketing image of